Zurich Insurance Group AG has made an offer to buy Beazley Plc, valuing the UK-listed cyber insurer at about £7.67 billion ($10.3 billion).

The Swiss insurer offered to buy London-based Beazley at 1,280 pence a share in cash, according to a statement Monday, a 56% premium to the company’s closing price Friday. A deal would create a “global leader” in specialty insurance with about $15 billion of gross written premiums, Zurich said.

The proposal, sent to Beazley’s board, is an improved offer after an earlier approach was rejected, it said. Beazley’s shares soared more than 44% to their highest since the company’s debut in 2002 following the announcement, the biggest jump on record. Zurich slipped as much as 1.7%.

The Swiss insurer said the proposed transaction would be in line with the strategic priorities indicated at its Nov. 18 investor day. The acquisition would be funded through existing cash, new debt facilities and an equity placing, according to the statement.

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A deal would be accretive to Zurich’s 2027 financial targets, the company said. Zurich now has until Feb. 16 to announce its intention to make a firm offer for Beazley.

The size of the premium reflects Zurich’s desire to proceed at pace, according to the statement.

In November chief financial officer Claudia Cordioli said Zurich is “very focused on organic growth, as we always said, but we’re always looking at opportunities,” on a call with analysts after the insurer reported third quarter earnings. “They just need to be attractive and accretive.”

Beazeley’s shares were trading at 1,174 pence at 1:44 p.m in London.